Not to be left behind by its competitors, LG has announced its plan to come up with its own mobile payment system by next month. As with Google, Apple and Samsung, who all have their own smartphone payment services, the South Korean tech company will soon launch LG Pay.
In connection with this, LG also stated that it will be joining forces with Shinhan Card and KB Kookmin, two of South Koreaâs largest credit card providers.
This was confirmed by one of LGâs top executives. We will sign a deal with some of the countryâs major card companies before officially launching our mobile payment platform, the executive told the Korean Times.
Apple Pay, launched last year, was the first to start the trend. This was soon followed by Android Pay and Google Pay. Companies see this as another way to ensure usersâ loyalty. The added convenience of making purchases on oneâs smartphone would no doubt make the gadget more valuable to its owner.
LG perhaps hopes to strengthen its presence in the market with the help of Shinhan and KB Kookmin in their soon-coming payment system. Despite the success of LGâs G4, the electronics giant wants to ensure that they have a hold of their share of the digital market.
More details of the LG Pay, however, have not yet been divulged. With Android Pay, Apple Pay as well as Samsung Pay, users can pay bills directly at the cash registers as though paying with cash. LG has not clarified whether their system will involve only online payments or not.
Clearly, this is a move by LG to be at par with its rivals. Apple, for instance, now provides its payment services in other countries. Samsung Pay, in the meantime, works with any card reader. It is still to be revealed how far LG Payâs services will reach whether their payment system will be available outside South Korea. What has been made clear, however, during the latest product launching last October, is that the LG 10 is capable of fingerprint recognition just like rival smartphones that feature mobile payment.